Mohegan Gaming has announced its fourth-quarter fiscal 2019 operating results, ended September 30.
US.- Mohegan Gaming & Entertainment has released its operating results for the fourth fiscal quarter. During the three-month period ended September 30, 2019, net revenues totalled US$414 million, a 19.2% rise from the US$347.2 million that it achieved in the prior year.
Mohegan’s income from operations in the fourth quarter was US$15.7 million, a 77.4% decline from the US$69.6 million that it had posted in 2018. This was primarily driven by an impairment charge at Mohegan Sun Pocono.
Moreover, adjusted EBITDA of US$89.4 million was a 5.4% decrease from the US$94.5 million in the prior year. Consolidated net revenues were up 19.2%, driven by the positive contribution of the Niagara resorts and continued outperformance from non-gaming revenue growth.
Mario Kontomerkos, President & Chief Executive Officer, said: “MGE had a remarkable fiscal fourth quarter given the inclusion of two new competitors in our primary northeast market in the last 15 months, and we are off to a good start thus far in the first quarter of fiscal 2020 as well.”
“These strong results can be attributed to a commendable management effort by our property leadership as well as our first full quarter of operations from our Niagara resorts. Outside of North America, project Inspire in South Korea continues under construction and remains on track for a 2022 opening. In connection with Inspire, we are pleased to announce our partnership with Hanwha Corporation, one of the country’s largest conglomerates, who will serve as our primary general contractor and will also provide the project with important local operational expertise and credit enhancement. These domestic and international efforts, which also include the September announcement of our venture with Virgin Hotels in Las Vegas, have placed MGE on solid ground for success for generations to come.”